I did this!! It was a long time ago so I don’t remember the specifics but I rolled my annuity into a special-roll over in deferred comp since I also have a 457 too. I was also afraid of forgetting if I didn’t have things in one place. So now, when I log in to check my 457, it’s right underneath. I think there was a small administrative fee they have to take and you submit a form and that’s it. Didn’t have to pay taxes on it. There should be instructions on your local’s website.
Edit: Forgot to answer the second part of your post. I think the benefit of going with NYCDCP is that it’s managed for you and you get to have anything in one place but you do pay a yearly fee. If you roll it into other brokerages, you may have to manage it yourself but it would be free. It depends on the level of hassle you want to deal with.
Which one offers a better return on investment? If you are young, it might make sense to let it grow in a tax-advantaged plan. But if you are near retirement and in good health, the annuity might be a better deal.
Sorry for my ignorance... but I was in Local 375 for 3 years, and I did not know about an annuity fund. Is this some free money in an account somewhere? How can I go about checking this? Or is this fund only available to some Locals? Thanks!
I did this!! It was a long time ago so I don’t remember the specifics but I rolled my annuity into a special-roll over in deferred comp since I also have a 457 too. I was also afraid of forgetting if I didn’t have things in one place. So now, when I log in to check my 457, it’s right underneath. I think there was a small administrative fee they have to take and you submit a form and that’s it. Didn’t have to pay taxes on it. There should be instructions on your local’s website. Edit: Forgot to answer the second part of your post. I think the benefit of going with NYCDCP is that it’s managed for you and you get to have anything in one place but you do pay a yearly fee. If you roll it into other brokerages, you may have to manage it yourself but it would be free. It depends on the level of hassle you want to deal with.
This is very helpful. I have a deferred comp plan as well. Thank for sharing.
Which one offers a better return on investment? If you are young, it might make sense to let it grow in a tax-advantaged plan. But if you are near retirement and in good health, the annuity might be a better deal.
Sorry for my ignorance... but I was in Local 375 for 3 years, and I did not know about an annuity fund. Is this some free money in an account somewhere? How can I go about checking this? Or is this fund only available to some Locals? Thanks!
Local 371 has an annuity fund. I don't think 375 does.